Ready Capital (NYSE:RC) Reaches New 52-Week Low – What’s Next?

Ready Capital Co. (NYSE:RC) reached a new 52-week low during trading on Tuesday . The company traded as low as $6.65 and last traded at $6.74, with a volume of 294131 shares trading hands. The stock had previously closed at $6.62.

Analysts Set New Price Targets

RC has been the topic of a number of analyst reports. UBS Group cut their price objective on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a report on Friday, November 15th. JMP Securities reduced their price objective on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a research report on Thursday, December 12th. Finally, Piper Sandler dropped their target price on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Ready Capital presently has a consensus rating of “Hold” and a consensus price target of $9.11.

Ready Capital Price Performance

The firm’s fifty day moving average price is $7.19 and its 200-day moving average price is $7.89. The stock has a market cap of $1.14 billion, a P/E ratio of -9.69 and a beta of 1.43. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.54.

Ready Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 14.75%. Ready Capital’s dividend payout ratio is presently -142.86%.

Institutional Investors Weigh In On Ready Capital

Several institutional investors and hedge funds have recently made changes to their positions in RC. KBC Group NV raised its holdings in Ready Capital by 64.1% in the 3rd quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust’s stock worth $63,000 after purchasing an additional 3,248 shares during the period. Xponance Inc. bought a new position in shares of Ready Capital during the 2nd quarter valued at approximately $84,000. Choreo LLC bought a new stake in Ready Capital in the second quarter worth $91,000. Modera Wealth Management LLC purchased a new stake in shares of Ready Capital during the 3rd quarter valued at about $107,000. Finally, Naviter Wealth LLC boosted its stake in Ready Capital by 35.0% during the second quarter. Naviter Wealth LLC now owns 13,500 shares of the real estate investment trust’s stock worth $114,000 after buying an additional 3,500 shares during the period. Institutional investors own 55.87% of the company’s stock.

Ready Capital Company Profile

Ready Capital Corporation operates as a real estate finance company in the United States. It operates through two segments: LMM Commercial Real Estate and Small Business Lending. The company originates, acquires, finances, and services lower-to-middle-market (LLM) commercial real estate loans, small business administration (SBA) loans, residential mortgage loans, construction loans, and mortgage-backed securities collateralized primarily by LLM loans, or other real estate-related investments.